As cryptocurrencies gain popularity, employers are considering how they can be used as part of compensation arrangements and benefit plans to attract and retain talent. McDermott Partners Andrew Liazos, Andrea Kramer and Brian Tiemann recently offered their perspectives about cryptocurrency, Internal Revenue Service (IRS) taxation guidance of convertible virtual currencies and other cryptocurrency-related compensation issues in an American Bar Association virtual event.
Cryptocurrency for Employee Benefits Lawyers: What You Need to Know
By Andrew Liazos and Brian Tiemann on February 3, 2022
Tags: 401(k) plan, bitcoin, blockchain, cryptocurrency, decentralized finance, DeFi, digital assets, digital wallet, Employee Retirement Income Security Act of 1974, ERISA, ETFs, Ethereum, exchange-traded funds, fair market value, individual retirement account, Internal Revenue Service, IRAs, IRS, mining, NFTs, non-fungible token, SEC, staking, straddle rules, tax basis, US Securities and Exchange Commission, virtual currency, wash sales
Andrew LiazosAndrew C. Liazos is the global chair of McDermott’s Benefits & Compensation Practice Group and has practiced at McDermott for over 25 years. Andrew focuses his practice on compensation and benefit matters, including related securities, M&A, IPO, private equity, international and litigation matters. Clients range from Fortune 500 companies to compensation committees to individual executives in employment and severance negotiations. Read Andrew Liazos' full bio.
Brian TiemannBrian J. Tiemann counsels public and private companies on a broad range of employee benefit matters, including matters related to pension plans, 401(k) plans and executive and incentive compensation. He advises plan fiduciaries with respect to their fiduciary duties, investment policies and alternative investments. He also advises multinational clients on global employee benefits matters, particularly with respect to global incentive compensation plans. Brian has extensive experience negotiating investment management agreements and service provider agreements. Read Brian Tiemann's full bio.
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